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Minimum Wage Earners Can Afford Fewer Than 600 NYC Pads

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With rents escalating in the city at warp speed, even the outer boroughs are increasingly becoming less of a safe haven for the city's minimum-wage earners. A new study conducted by StreetEasy has revealed that there were only 575 apartment listings across the city for all of 2014 that would have been affordable for someone making $8.75 an hour. That number constitutes an abysmal 0.03 percent of all listings available in the city last year.

For the study, StreetEasy considered individuals who made $8.75 per hour for 40 hours per week over a 52 week period.

From that amount, StreetEasy estimated that someone living on minimum wage would spend about 40 percent of their annual income on rent.

Furthermore in the map that StreetEasy created for the listings, they broke down available apartments by size - one, two, and three-bedrooms, and assumed that each would be occupied by the same number of people as rooms. So, the affordability of two-bedroom apartment for instance, takes into account the annual income of two people earning minimum wage.

Bed-Stuy emerged on top with 73 listings available in 2014, but that's still a sorry state of affairs when you consider that that number constitutes just 1.5 percent of all available listings in the neighborhood. And amongst all the boroughs in the city, Brooklyn was still the most affordable.

Among the top five neighborhoods affordable to minimum wage earners, Bed-Stuy was followed by East New York with 36 listings, Washington Heights with 29, Crown Heights with the same number, and Bushwick with 17.

In order for someone to afford the median rent in the city, which is about $2,700 per month, an individual would have to make at least $38.80 per hour, an amount that is more than four times higher than the minimum wage.

The release of this study comes at a time when the city's affordable housing crisis is continuing to worsen and where Mayor Bill de Blasio's affordable housing plan - to get developers to commit 20 to 30 percent of apartments in new developments to affordable housing - has come under increased fire.

· Where Minimum Wage Earners Can Find Affordable Apartments in NYC [StreetEasy]
· Bill de Blasio's plan for affordable housing gets roasted in four boroughs [NYDN]
· Affordable Housing Wire [Archives]